U.S. Morning Call: S&P 500 could hit all-time closing high

Wednesday, March 27, 2013 - 03:29

Mar 27 - The S&P 500 is within striking distance of its all-time closing high, but weak economic data out of Europe and a potentially disappointing home sales tally could block the index from the record.

▲ Hide Transcript

▶ View Transcript

Morning call for Wednesday so close so very very close just eight points away from its record. S&P 500 finally break through. The benchmark index ending just below its record 2007 closed at 1565. Up nearly 10% so far this year. Today doesn't seem to be that promise stock futures point to lower start on disappointing economic data from Europe. And pending home sales might save the day. I am far predicts -- will slip fire 2% and you are on the heels of -- -- percent jump in -- Taking a closer look at stocks this morning you -- -- the Blackberry. NASDAQ data shows that short interest in the stock is at record levels. A high number of trainers making big that's the stock will tank. More than 30% of Blackberry shares are currently being -- that's more than double from this time last year. Investors will get their first -- on demand for the new Zito and when Blackberry reports quarterly results tomorrow. The buildup of bearish bets could -- the stock -- surging at the company delivers as positive surprise this morning trading higher in the premarket. A Reuters analysis shows Citigroup is considering cutting its cash on hand by about 35 billion bucks. Beckett gave it 2% to Citigroup's bottom line this year and send a signal the bank is increasingly confident -- worst days are over. Premarket -- and third largest US bank by assets trading slightly lower. And keep your eye on the smiley face it's frowning today. Wal-Mart saying it's now probable it will incur losses related to allegations it bribed officials in Mexico to speed up expansion manner. It today for pinnacle foods packaged food maker backed by Blackstone Group is pricing its IPO today. Hoping to raise as much as 667. Million bucks. It plans to sell shares between eighteen and twenty dollars each at the pinnacle of the range the company would be valued at over two. Pinnacle foods was acquired by Blackstone in 2007. And -- that worked with the -- pro will retain a 68%. Ownership stake after the offering. The company with which owns the popular Duncan Hines -- will make its debut on the New York Stock Exchange tomorrow under the symbol PS. This next story coming from the Wall Street Journal apparently it's not enough for Mark Zuckerberg to be running a multi billion dollar company he's not taking on war. Sources tell the journal he's -- organizing a political advocacy group with Harvard buddy and causes founder Joseph greens. The group is hope hoping to raise roughly fifteen million bucks and has already secured commitments in the tens of dollars from -- -- Like Lincoln's founder Reid Hoffman. Seems like Zuckerberg following an island. Philanthropic. Is for me to -- footsteps of -- of wanting to grades. Warren Buffett and Bill Gates shares of -- but meanwhile trading just over 25 bucks in the premarket. That's it for Wednesday morning call follow us on Twitter at Reuters Insider and get more videos at Reuters dot com slash. And it's very hard.

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: